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Markets

• The U.S. stock market still isn't cheap. (institutionalinvestor.com)
• Whose stock market is this? (axios.com)

Exchanges

• Europe's stock market is shrinking due to M&A. (giftarticle.ft.com)
• How NYSE Chicago/Texas makes money. (joesaluzzi.substack.com)
• SPACs are bouncing back. (news.crunchbase.com)

Fund management

• Target-date funds do what they say they do. (morningstar.com)
• How tail-risk ETFs are supposed to work. (morningstar.com)

Apple

• In 2025, what does it mean to be a 'fan' of Apple ($AAPL)? (macworld.com)
• An enterprise report card for Apple ($AAPL). (sixcolors.com)
• In case for tracking your sleep with an Apple ($AAPL) Watch. (sixcolors.com)

Vietnam

• Firms that moved operations to Vietnam have gotten rug pulled. (nytimes.com)
• American firms sourcing goods in Vietnam are stuck. (wsj.com)
• A majority of Americans say they Vietnam War was a mistake. (axios.com)

Economy

• Q1 2025 GDP shrank 0.3%. (calculatedriskblog.com)
• Real consumption and investment were positive in Q1. (bonddad.blogspot.com)
• Q1 numbers don't really capture the impact of tariffs. (gelliottmorris.com)

Earlier on Abnormal Returns

• Personal finance links: fooling yourself. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: the same Sharpe ratio. (abnormalreturns.com)
• Are you a financial advisor? Then sign up for our weekly advisor-only newsletter. (newsletter.abnormalreturns.com)

Mixed media

• It seems that AI starting to take entry-level jobs that college graduates used to fill. (theatlantic.com)
• During periods of chaos, nimble startups have a leg up. (notboring.co)
• In praise of slack in government, business and life. (bigthink.com)
• Why we avoid subtraction as a strategy. (whyisthisinteresting.substack.com)

Spending

• Where could you cut back on spending? (readthejointaccount.com)
• Invest in memories, not stuff. (timmaurer.com)

Investing

• Stock market returns are usually pretty good, but not always. (awealthofcommonsense.com)
• Trump owns a lot of municipal bonds. (wsj.com)
• We should make it easier for people to invest for the long run. (awealthofcommonsense.com)

Social Security

• Nervous Americans are claiming Social Security early. (wsj.com)
• Social Security is a substantial part of retiree income. (advisorperspectives.com)

Retirement

• There's no single definition of retirement. (humbledollar.com)
• Four questions to ask before retiring early. (morningstar.com)

Personal finance

• What a good (financial) plan entails. (marknewfield.substack.com)
• Why unsolicited advice rarely works. (meaningfulmoney.life)
• When your interests change, change with them. (theretirementmanifesto.com)
• There's always a tradeoff, you just need to look for it. (contessacapitaladvisors.com)
• On the case for being 'minimally extractive' in your career. (ofdollarsanddata.com)
• Different things matter in the three stages of life. (tonyisola.com)
• Three steps for life. (thewaiterspad.com)

Amazon

• UPS ($UPS) is cutting jobs as Amazon ($AMZN) pulls back. (wsj.com)
• Amazon's ($AMZN) Kuiper satellite network still lags SpaceX. (wsj.com)
• Amazon ($AMZN) blinked. (fortune.com)

Companies

• Could Google ($GOOGL) even sell Chrome if they had to? (daringfireball.net)
• Him & Hers ($HIMS) will now offer Novo's ($NVO) WeGovy on its platform. (fastcompany.com)
• AbbVie's ($ABBV) Botox sales are falling. (onveston.substack.com)

Fund management

• It's hard to overstate the impact of Vanguard on the fund management business. (ofdollarsanddata.com)
• Checking in on the controversial SPDR SSGA IG Public & Private Credit ETF ($PRIV). (outerbeachconor.substack.com)

Media

• People around the world want a trustworthy, free press. (pewresearch.org)
• Semafor is an events company with a journalism component. (nymag.com)
• The startup media space is booming. (investing101.substack.com)

Global

• Trump has gotten nothing from Putin on Ukraine. (theatlantic.com)
• Why Mark Carney has no choice in dealing with Trump. (paulkrugman.substack.com)
• Trump has broken these four rules of negotiations. (danieldrezner.substack.com)

Economy

• The March JOLTS report showed a soft landing was still possible. (bonddad.blogspot.com)
• The February Case-Shiller index showed a 3.9% annual increase in home prices. (calculatedrisk.substack.com)
• Tariffs are a slow moving wave. (noahpinion.blog)

Earlier on Abnormal Returns

• Research links: the same Sharpe ratio. (abnormalreturns.com)
• A curated list of the best finance and investment blogs, tools, and webpages broken down by category. (snippet.finance)
• What you missed in our Monday linkfest. (abnormalreturns.com)
• Adviser links: a sobering reminder. (abnormalreturns.com)
• Are you a financial advisor? Then sign up for our weekly advisor-only newsletter. (newsletter.abnormalreturns.com)

Mixed media

• College educated Americans marry at the highest rates. (theatlantic.com)
• The changing nature of who changes their name after getting married. (wapo.st)
• How Americans view tattoos has made a big shift. (today.yougov.com)

Quant stuff

• A curated list of the best finance and investment blogs, tools, and webpages broken down by category. (snippet.finance)
• Some recent academic research including 'Auctions, Announcements, and Abnormal Returns.' (alphainacademia.substack.com)

Fund flows

• How fund flow seasonality is affecting bond ETFs. (on.ft.com)
• Fund flow volatility highlights bad investor behavior. (morningstar.com)

Corporate finance

• U.S. corporate profitability is higher than it was before Covid. (stlouisfed.org)
• Why corporate governance became something worth studying. (papers.ssrn.com)

Retail

• How subpenny trades identify retail trades. (alphaarchitect.com)
• Why short-term trading is so challenging. (klementoninvesting.substack.com)

Research

• Impact investors do what they say. (papers.ssrn.com)
• The risk of investing with a solo manager is real. (cashandcarried.substack.com)
• A diversified portfolio of hedge funds doesn't make a lot of sense. (klementoninvesting.substack.com)
• How the TSE's corporate reform directive is playing out. (mailchi.mp)
• European stocks have surged in 2025, but small cap (value) has lagged. (mailchi.mp)
• Research shows investor visa programs are filled with fraud and corruption. (econofact.org)

Markets

• Over the past 15 years, investors have become comfortable with stocks going up. (ritholtz.com)
• Retail investors just keep buying. (sherwood.news)

Fund management

• Why bother with active management, when there's an ETF that does it cheaper (and better). (bloomberg.com)
• Cliffwater is a standout in the interval fund space. (morningstar.com)
• When you start buying gold mines you have been gold-pilled. (wsj.com)

China

• Temu and Shein have raised retail prices, post tariffs. (cnbc.com)
• The number of incoming containers from China have plunged. (sherwood.news)
• How tariffs will hit Chinese grocery stores. (theatlantic.com)

Economy

• Why the Fed is kinda stuck. (optimisticallie.com)
• Regional Fed manufacturing reports have all turned down. (bonddad.blogspot.com)
• Autos have a central role in U.S. trade. (apolloacademy.com)
• How companies are trying to reshore supply chains. (thetranscript.substack.com)
• How to strengthen the economy without protectionism. (scottsumner.substack.com)

Earlier on Abnormal Returns

• Adviser links: a sobering reminder. (abnormalreturns.com)
• What you missed in our Sunday linkfest. (abnormalreturns.com)
• What everyone else read last week on Abnormal Returns. (abnormalreturns.com)
• Are you a financial advisor? Then sign up for our weekly advisor-only newsletter. (newsletter.abnormalreturns.com)

Mixed media

• On the many challenges of transforming office buildings into residential. (nytimes.com)
• Companies that identify with a political stance risk a backlash. (huffpost.com)
• Should you really record this meeting for AI? (hbr.org)
• The future of work is managing AI agents. (tomtunguz.com)

Podcasts

• Michael Kitces talks with Vanessa N. Martinez, CEO of Expressive Wealth, about legacy planning. (kitces.com)
• Cameron Passmore and Benjamin Felix talk with Jason Pereira about the true role of a financial planner. (rationalreminder.libsyn.com)

Custodians

• Altruist has raised $152 million in a Series F round that values the registered investment advisor custodian at $1.9 billion. (wealthmanagement.com)
• Altruist continues to build out its capabilities in order to compete with Schwab and Fidelity. (riabiz.com)
• In some ways Charles Schwab ($SCHW) is still digesting the TD Ameritrade acquisition. (riabiz.com)
• Betterment is moving beyond its original ethos. (riabiz.com)

Advisers

• Why financial planners are disincentivized from taking on short term engagements. (obliviousinvestor.com)
• Clients who are nearing, a year so, retirement have unique needs. (kitces.com)
• This SEC proposal would make for a boom for compliance consultants. (riabiz.com)
• The strategy behind Robinhood Strategies. (thinkadvisor.com)
• Six questions to help clients feel less stuck. (kitces.com)
• Where is the AI notetaker boom headed? (citywire.com)

Markets

• U.S. stocks haven't underperformed foreign stocks this badly since 1993. (ft.com)
• Why muni bonds look attractive. (barrons.com)

Strategy

• Investors shouldn't think bullish or bearish, but risk and reward. (awealthofcommonsense.com)
• Why 100% US stocks doesn't make sense. (humbledollar.com)

Trends

• Companies are not yet seeing a drop off in expectations. (theirrelevantinvestor.com)
• Individual investors are sticking with their plans. (wsj.com)
• Tariff talk aside, Americans are still spending. (wsj.com)
• What could knock American consumers (and investors) off their game? (awealthofcommonsense.com)

Technology

• Meta ($META) is apparently unable (or unwilling) to police fraud on its platforms. (on.ft.com)
• Is Apple ($AAPL) falling behind on hardware? (fastcompany.com)
• AI models don't think. They do something else. (wsj.com)

Policy

• Noah Smith, "The purpose of MAGA’s isolationism is fundamentally a destructive one." (noahpinion.blog)
• How the cabinet secretaries mirror the President. (theatlantic.com)
• A timeline of the administration's assault on science. (statnews.com)
• The administration has cut 10 percent of workers at the Forest Service. (politico.com)
• The IRS is losing a third of its work force. (wealthmanagement.com)
• The administration is ramping up its data surveillance of citizens. (theatlantic.com)

Economy

• More Americans are making the minimum credit card payment. (apolloacademy.com)
• Why the Fed should be more willing to adopt policy rules. (macroeconomicpolicynexus.substack.com)
• The economic schedule for the coming week. (calculatedriskblog.com)

Earlier on Abnormal Returns

• Top clicks last week on the site. (abnormalreturns.com)
• What you missed in our Saturday linkfest. (abnormalreturns.com)
• You can now follow us on Bluesky. (bsky.app)
• Are you signed up for daily e-mail newsletter? Well, you should be. (abnormalreturns.com)

Mixed media

• How delayed household formation affects housing demand. (jbrec.com)
• Why the vast majority of Canadians live near the U.S. border. (unchartedterritories.tomaspueyo.com)

Top clicks this week

1. Three keys to successful investing including 'Trying to time the market is a loser’s game.' (larryswedroe.substack.com)
2. Volatility clusters. (tker.co)
3. Why private assets are no portfolio panacea. (wsj.com)
4. What earnings estimates are doing, depends on your time horizon. (tker.co)
5. Being less stupid is easier than getting smarter. (betterletter.substack.com)
6. What earnings estimates are doing, depends on your time horizon. (sherwood.news)
7. SPDR SSGA IG Public & Private Credit ETF ($PRIV) is struggling to attract assets. (investmentnews.com)
8. Investors are selling American assets wholesale. (sherwood.news)
9. Spikes in the VIX often represent a market bottom. (optimisticallie.com)
10. How portfolio diversification has worked in 2025. (morningstar.com)

AVs

• Autonomous trucks are set to roll on Texas highways. (axios.com)
• Tesla ($TSLA) is the main beneficiary of this NHTSA rule change. (theverge.com)
• Waymo is doing some 250k paid trips a week. (sherwood.news)
• How safe is safe for autonomous vehicles? (axios.com)

Autos

• The customizable $25k Slate EV is here. (wired.com)
• How having Covid affects auto crash rates. (axios.com)

Energy

• Oil markets are well supplied. (semafor.com)
• Batteries are coming for your home appliances. (vox.com)
• This Missouri county is a renewable energy powerhouse. (nytimes.com)
• Can AI be used to run nuclear power plants? (wsj.com)

Air quality

• Some 50 million Americans live in areas where air quality isn't measured. (phys.org)
• Why volcanic ash is so dangerous to humans. (theconversation.com)

Space

• Happy 35th birthday to the Hubble Space telescope. (scientificamerican.com)
• What to look for when you are looking for aliens. (aeon.co)
• A secret Russian satellite is out of control. (yahoo.com)

Science

• The U.S. is risking a scientific brain drain. (nature.com)
• Job cuts at the NIH review boards are overwhelmingly female and minority. (wapo.st)

Technology

• Being a tech worker ain't what it used to be. (wsj.com)
• How to protect your phone when you cross the border. (wired.com)
• How to remove your personal data from the web and data brokers. (wsj.com)
• How technology is helping people with hearing loss. (newyorker.com)

Measles

• The current measles outbreak is the worst since 2000. (medicalxpress.com)
• How bad could the measles outbreak get? (slate.com)

Health

• Influenza kills some 36,000 Americans a year. (nytimes.com)
• Contrary to the revisionism, the elites were pretty right about Covid. (marginalrevolution.com)
• Do we really want AI models to be good at virology? (time.com)
• Six persistent sleep myths including 'We sleep to rest our bodies.' (twopct.com)
• Some signs of hope for treating chronic pain. (peterattiamd.com)
• Move your body. (sciencedaily.com)

Food

• Reducing food waste solves a lot of problem. (slate.com)
• How Fruitist created a longer lasting blueberry. (cnbc.com)
• Plant-based calamari. Why not? (sciencedaily.com)

Sports

• American-owned teams are leading English soccer. (wsj.com)
• The Savannah Bananas are a big, and growing, draw. (sportico.com)
• Tariffs are going to make new stadiums more expensive to build. (johnwallstreet.com)

Entertainment

• Characters are entering the public domain. Why are they showing up in horror films? (whyisthisinteresting.substack.com)
• Classical music isn't meant to hit in the same way as popular music. (coloraturaruns.substack.com)

Children

• No matter how you slice it, boys are lagging girls. (bloomberg.com)
• Why you should let your (young) children help out. (petergray.substack.com)
• Three guidelines on making a decision to go to college. (theatlantic.com)

College

• How research universities became so dependent on federal grants. (nytimes.com)
• It's not just the Ivies that are under pressure. (wsj.com)

Earlier on Abnormal Returns

• What you missed in our Friday linkfest. (abnormalreturns.com)
• Podcast links: an epic business. (abnormalreturns.com)
• You can now follow us on Bluesky. (bsky.app)
• Are you signed up for daily e-mail newsletter? Well, you should be. (abnormalreturns.com)

Mixed media

• Whisky barrel investment scams are rampant in the UK. (nytimes.com)
• If you see this fish, the northern snakehead, cut its head off. (smithsonianmag.com)
• On the benefits of journaling. (thequietlife.net)

Markets

• Leverage and the Treasury market go hand-in-hand. (on.ft.com)
• How historical market data can serve as a check on your biases. (wsj.com)

Apple

• Apple ($AAPL) plans to shift its US iPhone production to India. (theguardian.com)
• The Apple ($AAPL) Watch has been a success. (sixcolors.com)

AI

• When AI makes stuff worse. (slate.com)
• This AI radio host went unnoticed for months. (theverge.com)

Sports betting

• Sportsbooks offer odds on the NFL draft eventhough they don't want to. (msn.com)
• Christopher Mims and Tim Higgins talk with Peter Jackson, CEO of FanDuel. (wsj.com)

Economy

• Q1 GDP is tracking flat. (calculatedriskblog.com)
• The real problem with GDP. (timharford.com)
• Trade between the U.S. and China is set to fall. (disciplinefunds.com)
• Laurence Kotlikoff talks recession (and more) with economist Torsten Slok. (larrykotlikoff.substack.com)

Earlier on Abnormal Returns

• Podcast links: an epic business. (abnormalreturns.com)
• What you missed in our Thursday linkfest. (abnormalreturns.com)
• Longform links: adversarial and manipulative. (abnormalreturns.com)
• You can now follow us on Bluesky. (bsky.app)
• Are you signed up for daily e-mail newsletter? Well, you should be. (abnormalreturns.com)

Mixed media

• Birth rates in the U.S. ticked higher in 2024, but from a low level. (calculatedriskblog.com)
• On X, shadowbanning is real. (nytimes.com)
• Nobody knows the future. (edgyoptimist.substack.com)

Listening

• Netflix ($NFLX) wants in on the podcast boom. (fastcompany.com)
• Audiobooks are a different experience from reading. (thewaiterspad.com)

Technology

• Dwarkesh Patel talks with Ege Erdil and Tamay Besiroglu, founders of Mechanize. (youtube.com)
• Tyler Cowen talks with Chris Dixon author of "Read Write Own." (conversationswithtyler.com)

Business

• Tim Ferriss talks with Rich Barton, the co-founder and co-executive chairman of Zillow and founder of Expedia. (tim.blog)
• Logan Bartlett talks with Blake Scholl, CEO of Boom Supersonic. (podcasts.apple.com)
• Alex Gilchrist talks with James Emanuel, author of "Fabric Of Success: The Golden Threads Running Through The Tapestry Of Every Great Business." (latticework.com)

Finance

• Barry Ritholtz talks with Martín Escobari, Co-President and Head of Global Growth Equity at General Atlantic. (ritholtz.com)
• Tobias Carlisle, and Jake Taylor talk with Barry Ritholtz author of "How NOT to Invest." (youtube.com)
• Joe Fahmy talks with Tom Canfield about trading and life. (podcasts.apple.com)

Medicine

• Derek Thompson talks with Paul Tough about what we get wrong about ADHD. (podcasts.apple.com)
• David Rosenthal and Benjamin Gilbert look at Epic Systems, arguably the most important company in health care. (acquired.fm)
• Peter Attia talks with Dr. Sean Mackey about treating chronic pain. (peterattiamd.com)

History

• Dwarkesh Patel talks with Kyle Harper, author of "The Fate of Rome: Climate, Disease, and the End of an Empire." (dwarkesh.com)
• Jim Pethokoukis talks with Charles C. Mann about the history of agriculture. (fasterplease.substack.com)

Life

• Laurie Santos talks with Sue Varma author of "Practical Optimism: The Art, Science, and Practice of Exceptional Well-Being." (podcasts.apple.com)
• Ravi Gupta, Alex Smith, Shane Battier talk writing and life with Wright Thompson. (joincolossus.com)

Crypto

• You can buy Bitcoin, Strategy ($MSTR) or this thing. (sherwood.news)
• Buy a lot of $TRUMP, get invited to meet the President. (cnbc.com)

Apple

• The Apple ($AAPL) Watch is still the best all-around fitness tracker. (gq.com)
• Sleep tracking isn't a big selling point for the Apple ($AAPL) Watch. (sixcolors.com)

Alcohol

• The craft brewing market is now shrinking. (axios.com)
• We may have already hit 'Peak Booze'? (bloomberg.com)

Economy

• Still no sign of a meaningful pickup in weekly initial unemployment claims. (bonddad.blogspot.com)
• Forecasting a recession is different than marking one in retrospect. (econbrowser.com)
• We need more, better economic data, not less. (economist.com)
• Why macro forecasting is so difficult. (ritholtz.com)

Earlier on Abnormal Returns

• Longform links: adversarial and manipulative. (abnormalreturns.com)
• What you missed in our Wednesday linkfest. (abnormalreturns.com)
• Personal finance links: dignity and meaning. (abnormalreturns.com)
• You can now follow us on Bluesky. (bsky.app)
• Are you signed up for daily e-mail newsletter? Well, you should be. (abnormalreturns.com)

Mixed media

• Trump is not on Ukraine's side. (theatlantic.com)
• Russian troops are engaging in war crimes on video. (nytimes.com)

Books

• A Q&A with John Green, author of "Everything is Tuberculosis." (indianapolismonthly.com)
• An excerpt from "1999: The Year Low Culture Conquered America and Kickstarted Our Bizarre Times" by Ross Benes. (insidehook.com)
• A Q&A with José Andrés author of "Change the Recipe." (fastcompany.com)

Society

• There's never been shorter jump from the online fringe to the White House. (theverge.com)
• The persecution of immigrants won't end just with immigrants. (thomaszimmer.substack.com)
• Politics isn't about statistics and policies. (forkingpaths.co)
• How the U.S. lost its way. (pragcap.com)

Environment

• When a species is endangered, a natural disaster can push them over the edge. (motherjones.com)
• Conservation efforts trump the expense of trying to revive extinct species. (nautil.us)
• The topography of Minnesota has changed. Duck hunters are hoping for a return of wetlands. (startribune.com)

Language

• When speaking a language, interjections matter. (knowablemagazine.org)
• What acting can teach us about the value of communication. (aeon.co)

Longreads

• Robert Seawright, "Instead of trying so hard to be smart, we should invert that and spend more energy on not being stupid, in large measure because not being stupid is far more achievable and manageable than being brilliant." (betterletter.substack.com)
• Despite claims to the contrary, we aren't ending disease any time soon. (science.org)
• A profile of Merck Mercuriadis who helped pioneer the idea of investing in song royalties. (bloomberg.com)
• No sport depends as much on its equipment, i.e. baseballs, than MLB. (huddleup.substack.com)
• A visualization of global migration. (nytimes.com)

Strategy

• Three keys to successful investing including 'Trying to time the market is a loser’s game.' (larryswedroe.substack.com)
• Being less stupid is easier than getting smarter. (betterletter.substack.com)

Fund management

• In praise of keeping things simple. (nadig.com)
• The role licensing fees play in the index fund business. (morningstar.com)
• A history of trend following funds. (rupakghose.substack.com)

Companies

• YouTube just keeps finding new ways to grow. (theverge.com)
• Duolingo is branching out into teaching chess. (venturebeat.com)
• Zyn is flying off the shelves. (sherwood.news)

AI

• Google's AI efforts are focused on the enterprise. (venturebeat.com)
• AI companies are hooking Gen Z. (theatlantic.com)
• In the face of AI, how design is changing. (fastcompany.com)

Martin Wolf

• The Trump administration has raised uncertainty, not reduced it. (on.ft.com)
• Joe Weisenthal and Tracy Alloway talk with Martin Wolf about how Trump has upended the world order. (podcasts.apple.com)

Economy

• New home sales are flattening out. (bonddad.blogspot.com)
• The longer uncertainty reigns, the worse for the economy. (disciplinefunds.com)
• Why we need Fed independence. (stayathomemacro.substack.com)

Earlier on Abnormal Returns

• Personal finance links: dignity and meaning. (abnormalreturns.com)
• What you missed in our Tuesday linkfest. (abnormalreturns.com)
• Research links: costing too much. (abnormalreturns.com)
• You can now follow us on Bluesky. (bsky.app)
• Are you signed up for daily e-mail newsletter? Well, you should be. (abnormalreturns.com)

Mixed media

• The FDA is suspending a quality control program for testing of fluid milk and other dairy products. (reuters.com)
• Due to FDA cuts, pet food is getting even less oversight. (theincidentaleconomist.com)